The Act Governing Electronic Payment Institutions Article 46

Non-licensed electronic payment institutions that engage in operating the businesses prescribed in Subparagraphs 2, Paragraph 1 of Article 4 herein shall be punishable by imprisonment for not less than three (3) years and not more than ten (10) years and, in addition thereto, a fine of not less than NT$20,000,000 and not more than NT$500,000,000.Those that fail to apply to the competent authority for approval in accordance with Paragraph 3 of Article 5 herein or have applied for approval according to rules but were rejected by the competent authority and still operate the businesses prescribed in Subparagraph 1, Paragraph 1 of Article 4 herein shall be punishable by imprisonment for not more than five (5) years and, in addition thereto, a fine of not more than NT$100,000,000.Should a representative, agent, employee, or other professional of a juridical person commit the offenses prescribed in the preceding two paragraphs in the operation of their businesses, the juridical person’s acting responsible person(s) shall be punished, and the juridical person shall be subject to the fines prescribed in the preceding two paragraphs.